D-Wave Quantum (NYSE:QBTS) Trading Down 9.3% – Here’s Why

by · The Cerbat Gem

D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report)’s stock price dropped 9.3% during mid-day trading on Friday . The company traded as low as $6.14 and last traded at $6.49. Approximately 16,026,242 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 32,403,192 shares. The stock had previously closed at $7.16.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on QBTS. B. Riley upped their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Roth Mkm boosted their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a research report on Wednesday. Craig Hallum boosted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, Benchmark restated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $8.42.

Get Our Latest Stock Analysis on D-Wave Quantum

D-Wave Quantum Stock Down 12.2 %

The stock has a 50 day simple moving average of $6.74 and a 200 day simple moving average of $4.61. The company has a market cap of $1.83 billion, a price-to-earnings ratio of -14.96 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS – Get Free Report) last released its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The company had revenue of $2.31 million during the quarter, compared to analysts’ expectations of $2.23 million. As a group, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,071,206 shares of company stock worth $46,758,181. 7.22% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. raised its stake in shares of D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after purchasing an additional 3,624,407 shares in the last quarter. Bank of America Corp DE lifted its holdings in D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after buying an additional 2,497,263 shares during the last quarter. UNICOM Systems Inc. acquired a new position in shares of D-Wave Quantum in the 4th quarter worth approximately $20,258,000. Geode Capital Management LLC increased its holdings in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of D-Wave Quantum during the 4th quarter valued at approximately $2,087,000. 42.47% of the stock is owned by institutional investors and hedge funds.

About D-Wave Quantum

(Get Free Report)

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.

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